Both sides announced the JV in February. The JV will develop industrial real estate projects with over 2,000,000 square meters for an initial investment of over US$200 million, becoming the largest 'for-rent' industrial and logistics developer in Vietnam.

Illustration photo.

BW Industrial was seeded with eight projects across five cities in each of Vietnam's strategic industrial hubs in the North and South, including Binh Duong, Dong Nai, Hai Phong, Hai Duong and Bac Ninh.
As Vietnamese enterprises steadily improve the technical expertise, there is tremendous opportunity for firms like BW Industrial to develop and provide the much-needed industrial properties to support such initiatives, said C.K. Tong, CEO of BW Industrial.
BW Industrial's plan is to create the logistics and industrial platform of choice for leading MNCs, 3PLs and e-commerce companies, according to Mr. Jeffrey Perlman, Managing Director and Head of Southeast Asia of Warburg Pincus.
Warburg is the largest private equity investor in Vietnam, which has also seen sizeable investments from rivals KKR & Co. and TPG.
The firm, with US$40 billion assets under management, invested US$300 million in Vincom Retail, the largest shopping mall operator in the country which is also a subsidiary of domestic property giant Vingroup. Further, its highly successful US$740-million listing on the Ho Chi Minh Stock Exchange last November was the largest-ever IPO in Vietnam, helping Warbug more than double its investment.
In March, Warburg announced a US$370 million-investment in Vietnam's Techcombank, marking the largest-ever private equity investment in Vietnam to day,
Warburg Pincus started investing in Southeast Asia in 2013 with Vietnam as its maiden market. Since then, the Private equity firm has invested in seven companies in the region, including Vincom Retail, Lodgis Hospitality, ARA Asset Management, Go-Jek, NWP Retail and Trax.
Becamex IDC, established in 1976, is the provincial infrastructure investment arm of Binh Duong, a hotspot for foreign-invested businesses. The company is Vietnam's leading industrial park and township developer, having interest in 23 subsidiaries and affiliates. It is investing and managing six industrial parks in its home province with a total area of about 13,000 hectares (32,100 acres), according to its website.
Becamex and Sembcorp partnered up to form the Vietnam Singapore Industrial Park (VSIP) platform in 1996, which has chalked up over US$10 billion of investments to date.
The industrial developer also partnered up with Singapore's Temasek to operate hospital and healthcare, education, retail and hospitality, telecommunications, startup incubators, and public transportation services.